Mobile payments now more secure than physical cards
Mobile phone payments are now more secure than traditional bank cards thanks to features like facial and fingerprint recognition technology.
According to payment provider myPOS’ founder Christo Georgiev services like Apple Pay and Google Pay are “even more secure than those made by contactless cards”.
“That’s because there are several layers of security on the devices people use,” he said.
Georgiev argues that the combination of numerous security features like having to verify your card initially, then approve the payment with a secondary security measure, make mobile payments more secure than physical cards.
“For mobile payments the key factor is the multi-layer authentication which comes from the provider and the customer who has set up the security measures on the device,” he added.
Most digital wallets also give users a virtual account number so that the real details are never shared, protecting against potential fraud.
According to new data from Juniper Research, consumer spending via digital wallets is topped nearly $790 billion (£633 billion) in 2019.
This is largely thanks to digital wallet providers securing partnerships with leading banks, amid increasing adoption of the tech by younger generations across the key US retail market.